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Seventeenth consecutive month of growth in asset finance new business

9 April 2015

Figures released today by the Finance & Leasing Association (FLA) show 12% growth in asset finance (primarily leasing and hire purchase) new business in February 2015, the market’s seventeenth consecutive month of growth.

February saw strong growth in IT equipment finance and commercial vehicle finance, up by 84% and 10% respectively. Business equipment finance and car finance each grew by 5% over the same period.

Commenting on the figures, Simon Goldie, Head of Asset Finance at the FLA, said:

 “The continued growth in this market is a timely reminder to politicians that SMEs like the flexibility of leasing and hire purchase when investing for growth.

“With the General Election only weeks away, we would like to see all parties helping UK businesses to grow by making a long-term commitment to the future of the British Business Bank, and we encourage them to create a comprehensive online directory of business finance providers.”

Feb 2015

% change on prev. year

3 months to Feb 2015

% change on prev. year

12 months to Feb 2015

% change on prev. year

Total FLA asset finance (£m)

1,824

+12

6,241

+13

25,788

+14

Total excluding high value (£m)

1,716

+9

5,923

+8

24,903

+13

Data Extracts:

Plant and machinery finance (£m)

415

-1

1,372

+20

5,438

+18

Commercial vehicle finance (£m)

425

+10

1,381

-4

5,897

+10

IT equipment finance (£m)

174

+84

558

+33

1,737

+13

Business equipment finance (£m)

153

+5

521

+7

2,208

+12

Car finance (£m)

432

+5

1,610

+8

7,696

+15

Aircraft, ships and rolling stock finance (£m)

55

+104

123

+84

320

+12

 

Note to editors:

  1. In 2014 FLA members provided £99.5 billion of new finance to UK businesses and households. £25.4 billion of finance was provided to businesses and the public sector. FLA members financed more than 27% of UK investment in machinery, equipment and purchased software in the UK last year.